The China-backed Asian Infrastructure Investment Bank (AIIB) has approved 13 new prospective members including two African countries.

The China-backed Asian Infrastructure Investment Bank (AIIB) approved its first four loans totalling over half a billion dollars.

The World Bank and the new China-backed Asian Infrastructure Investment Bank, originally seen as possible rivals, joined hands Wednesday with an agreement to co-finance projects. The two development banks signed off on a framework for working together on infrastructure programs over the coming year which will give the World Bank some crucial oversight on how projects are planned and implemented. In its first year of operation, the AIIB expects to approve about $1.2 billion in financing, with a "sizable share" of that to be in joint projects with the World Bank, the two said. Under consideration are around a dozen projects including water, transportation, and energy developments in East, Southeast and Central Asia.